2Checkout.com Pays Suppliers
Using Prepaid Debit MasterCard® Card
Partnership Lets Suppliers Worldwide Access Their Earnings Faster,
More Conveniently and Cost-Effectively
COLUMBUS OH AND NEW YORK, NY (July 16, 2007) – 2Checkout.com, a provider of global e-commerce solutions to tens of thousands of business customers around the world, announced that it has partnered with Payoneer™ Inc. to provide its suppliers with the option of receiving their usual weekly payments via a prepaid MasterCard® card, instead of a paper check or wire transfer. Operated by Payoneer, 2Checkout.com branded cards are good at any ATM, store or online site that accepts MasterCard worldwide. Cards allow suppliers faster, easier access to their funds while cutting the costs associated with other methods of payment. They bear the 2Checkout.com logo on top, are secure and easily reloaded.
The 2Checkout.com-prepaid debit MasterCard is particularly appealing to suppliers outside the US, who often face limited, costly options with international payments. Paper checks often require a 30-day hold time, and sometimes are lost or stolen in the mail. Internet payment methods are popular in the US but are not available as cash worldwide. In contrast, the Payoneer-powered 2Checkout.com prepaid card lets suppliers withdraw cash in local currency at ATMs around the world, at more favorable exchange rates than banks.
Once cards are mailed to suppliers, funds can be accessible within the next one to two days after a quick online verification. If a card is ever lost or stolen, Payoneer will cancel the card and transfer the remaining balance to a new replacement card. An online site allows suppliers to check their card balances and account activity easily at any time.
“Offering Payoneer is definitely opening our market internationally, and we believe it is helping us to achieve a competitive advantage,” said Geno Arce, business development specialist for 2Checkout.com. “We’re already seeing enthusiastic adoption of this payment option in just our first few weeks of offering this solution, particularly from overseas suppliers. Payoneer has over 60 major-name customers, and is a registered MSP of MasterCard Worldwide. We are making this option available to give our suppliers as many choices as possible on how they get paid.”
“The payment process is a unique opportunity to further a company’s relationship with its payees long after funds are paid out,” said Yuval Tal, CEO of Payoneer. “More and more companies like 2Checkout.com are distinguishing themselves by offering payment options that better meet the needs of anyone that they need to pay - while reinforcing the company’s brand identity.”
2Checkout.com, Inc. is the authorized reseller for over 1.6 million tangible or digital products and services. Established in 1999 and headquartered in Columbus, Ohio, 2Checkout.com provides turnkey e-commerce solutions to tens of thousands of business customers around the world. 2Checkout.com’s proprietary technology supports back-office functions including financial reporting, fraud prevention, data security, customer service, supplier tracking and sales tracking.
In 2006, 2Checkout.com serviced over 1.9 million buyers for over 200 million in sales. The site receives an average of over 8 million page views per month.
Since inception, 2Checkout.com has maintained a steady and maintainable growth. The company’s approach is geared towards providing quality service to new and existing clients without feeling the need to expand at a rate that would sacrifice service to our clients.
About Payoneer, Inc.
Founded in 2005, Payoneer Inc. provides hosted payout solutions for companies that pay people worldwide using prepaid debit MasterCard®, wire transfers, and e-checks. The company targets affiliate networks, video sites, Internet payment service processors (IPSP’s), and any other company that pays out to people on the Internet. Payoneer has tens of thousands of Payoneer-powered cards in circulation. The company is a registered MSP with MasterCard® Worldwide, and an approved partner of MetaBank. Based in New York, Payoneer maintains its R&D center in Tel Aviv, and is privately held with funding from Greylock Partners and Crossbar Capital. For more information, please visit www.payoneer.com.